Ni Price Plunges around Tokyo

Nickel market price plunged by 100 yen to 1,500-1,550 yen per kilogram on Friday from the previous day for melting usage around Tokyo, which marked the low price as same as before 2 weeks. Nickel price at overseas market significantly decreased and yen became higher against US dollar.

Nickel settlement at London Metal Exchange declined by US$ 475 to US$ 14,975 per tonne on Thursday from the previous day. The price declined more to US$ 14,500s per tonne in afternoon session. One nickel producer source said, inventory is at high level.

Telegraphic transfer selling rate was 93.96 yen per US dollar on Thursday, which became higher by 1.55 yen from the previous day. Yen exchange rate was still as high as the level 5 months ago on Friday.

On the other hand, nickel shipment shows sign to bottom out. The inquiries for nickel casting for semiconductor manufacturing equipment are increasing, according to a dealer source. The order for nickel casting almost stopped due to the stagnation in the economy after autumn 2008. However the real demand has not yet increased at the present moment.